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What value investors bought and sold in Q3 2022

In Q3 2022, 34 value investors filed 13Fs. The most popular buy was Alphabet, added to by 9 managers, followed by Meta Platforms and Amazon.com. Apple was the most popular new position, started by 2 managers. The most sold was Alphabet, cut by 10 managers, with Berkshire Hathaway and UnitedHealth Group close behind. Alphabet was the most widely held, owned by 23.

  • 34 managers filed

Most widely held

Companies held by the most managers in their Q3 2022 13F. How this works
How many hold it, the combined value, and the average and largest portfolio weight. Changes compare with the Q2 filings; value changes include share-price moves.
Most widely held companies
Biggest holders
AlphabetGOOG23$24bn−8.7% vs Q27.4%23.0%TCI Fund Management 23.0%, Himalaya Capital 22.0%, Tweedy, Browne 16.8% and 20 more
VisaV15$10bn−13% vs Q24.1%12.4%TCI Fund Management 12.4%, Akre Capital Management 8.2%, Valley Forge Capital Management 8.2% and 12 more
Berkshire HathawayBRK.B15$7.4bn−3.7% vs Q29.1%30.9%Semper Augustus 30.9%, Gardner Russo & Quinn 18.9%, H&H International (Duan Yongping) 18.3% and 12 more
MicrosoftMSFT13+1 vs Q2$12bn−7.4% vs Q23.9%16.2%TCI Fund Management 16.2%, Fundsmith 10.3%, Polen Capital Management 6.3% and 10 more
Amazon.comAMZN13$10bn+18% vs Q25.5%23.6%Greenlea Lane Capital 23.6%, Appaloosa 12.0%, Polen Capital Management 11.8% and 10 more
Meta PlatformsMETA13$6.9bn−13% vs Q23.2%8.7%Appaloosa 8.7%, Ruane, Cunniff & Goldfarb (Sequoia) 6.2%, Wedgewood Partners 5.1% and 10 more
AppleAAPL11+2 vs Q2$131bn+1.9% vs Q212.1%72.7%H&H International (Duan Yongping) 72.7%, Berkshire Hathaway 41.8%, Wedgewood Partners 9.4% and 8 more
Bank of AmericaBAC11$34bn−3.6% vs Q28.1%42.5%Daily Journal Corp 42.5%, Himalaya Capital 25.3%, Berkshire Hathaway 10.3% and 8 more
American ExpressAXP11+1 vs Q2$22bn−3.6% vs Q21.1%6.9%Berkshire Hathaway 6.9%, First Eagle Investment Management 1.2%, Davis Selected Advisers 1.0% and 8 more
Moody'sMCO9$9.9bn−11% vs Q24.1%13.4%Valley Forge Capital Management 13.4%, Akre Capital Management 12.2%, TCI Fund Management 7.0% and 6 more
UnitedHealth GroupUNH9$4.2bn−5.6% vs Q23.0%9.9%Ruane, Cunniff & Goldfarb (Sequoia) 9.9%, Wedgewood Partners 5.8%, Appaloosa 5.6% and 6 more
Walt DisneyDIS9−1 vs Q2$1.0bn−0.7% vs Q22.0%10.4%Lindsell Train 10.4%, Markel Group 2.8%, Semper Augustus 1.9% and 6 more
Wells Fargo & CompanyWFC8$7.6bn+5.0% vs Q27.2%39.2%Daily Journal Corp 39.2%, Davis Selected Advisers 9.2%, Dodge & Cox 3.7% and 5 more
MastercardMA8$6.1bn−17% vs Q26.5%21.2%Valley Forge Capital Management 21.2%, Akre Capital Management 14.8%, Gardner Russo & Quinn 9.2% and 5 more
ComcastCMCSA8$3.9bn−28% vs Q20.9%2.8%First Eagle Investment Management 2.8%, Dodge & Cox 1.8%, Gardner Russo & Quinn 1.4% and 5 more
S&P GlobalSPGI8$3.1bn−9.4% vs Q23.9%18.8%Valley Forge Capital Management 18.8%, TCI Fund Management 9.4%, Wedgewood Partners 2.3% and 5 more
PepsicoPEP8$1.8bn−3.0% vs Q22.3%12.3%Lindsell Train 12.3%, Fundsmith 5.5%, Markel Group 0.2% and 5 more
Alibaba Group HoldingBABA8−2 vs Q2$1.5bn−33% vs Q22.5%14.7%Daily Journal Corp 14.7%, H&H International (Duan Yongping) 2.5%, Dodge & Cox 0.9% and 5 more
Johnson & JohnsonJNJ8$460m−8.1% vs Q21.6%10.7%Tweedy, Browne 10.7%, Markel Group 1.5%, Fairfax Financial Holdings 0.3% and 5 more
Charles SchwabSCHW7$7.7bn+14% vs Q23.4%9.3%Ruane, Cunniff & Goldfarb (Sequoia) 9.3%, Giverny Capital 6.0%, Dodge & Cox 4.4% and 4 more
BNYBK7$6.1bn−14% vs Q21.6%3.7%Davis Selected Advisers 3.7%, Tweedy, Browne 2.5%, First Eagle Investment Management 1.9% and 4 more
Taiwan Semiconductor ManufacturingTSM7+1 vs Q2$5.1bn+285% vs Q21.7%4.7%Ruane, Cunniff & Goldfarb (Sequoia) 4.7%, Wedgewood Partners 3.8%, First Eagle Investment Management 1.8% and 4 more
Liberty MediaFWONA7$4.4bn+1.7% vs Q23.8%14.0%Baupost Group 14.0%, Ruane, Cunniff & Goldfarb (Sequoia) 8.9%, Southeastern Asset Management 2.2% and 4 more
US BancorpUSB7$4.2bn−38% vs Q21.8%4.7%Davis Selected Advisers 4.7%, Daily Journal Corp 3.5%, Tweedy, Browne 1.6% and 4 more
AdobeADBE7$3.2bn−24% vs Q22.7%5.3%Polen Capital Management 5.3%, Akre Capital Management 4.0%, AKO Capital 3.6% and 4 more
JPMorgan ChaseJPM7$921m−11% vs Q21.8%6.3%Brave Warrior Advisors 6.3%, Davis Selected Advisers 3.3%, Gardner Russo & Quinn 2.4% and 4 more
ChevronCVX6$24bn+1.6% vs Q21.6%8.0%Berkshire Hathaway 8.0%, Fairfax Financial Holdings 1.2%, Semper Augustus 0.2% and 3 more
SalesforceCRM6$3.3bn−0.6% vs Q24.8%16.2%Greenlea Lane Capital 16.2%, Polen Capital Management 4.5%, Akre Capital Management 3.9% and 3 more
NetflixNFLX6−1 vs Q2$3.2bn+57% vs Q23.6%8.2%Greenlea Lane Capital 8.2%, Polen Capital Management 4.8%, Ruane, Cunniff & Goldfarb (Sequoia) 4.3% and 3 more
General ElectricGE6$2.8bn+7.7% vs Q22.3%6.6%Trian Fund Management 6.6%, Southeastern Asset Management 4.9%, Dodge & Cox 1.7% and 3 more
Philip Morris InternationalPM6$2.8bn−17% vs Q22.7%6.9%Gardner Russo & Quinn 6.9%, Fundsmith 6.5%, First Eagle Investment Management 2.4% and 3 more
Paypal HoldingsPYPL6$2.7bn+8.7% vs Q23.4%9.4%Lindsell Train 9.4%, Wedgewood Partners 5.0%, Polen Capital Management 3.1% and 3 more
Union PacificUNP6$1.4bn−14% vs Q21.0%3.8%TCI Fund Management 3.8%, Tweedy, Browne 1.4%, First Eagle Investment Management 0.6% and 3 more
NikeNKE6$1.4bn−20% vs Q21.2%2.7%Fundsmith 2.7%, AKO Capital 1.9%, Polen Capital Management 1.9% and 3 more
Micron TechnologyMU6$1.3bn−8.7% vs Q222.7%92.5%Dalal Street (Mohnish Pabrai) 92.5%, Himalaya Capital 33.0%, Fairfax Financial Holdings 4.5% and 3 more
BrookfieldBN6+1 vs Q2$949m−7.1% vs Q25.1%13.1%Greenlea Lane Capital 13.1%, Dalal Street (Mohnish Pabrai) 7.5%, Markel Group 5.3% and 3 more
Liberty Broadband8L8C6$590m−41% vs Q21.2%3.6%Ruane, Cunniff & Goldfarb (Sequoia) 3.6%, Southeastern Asset Management 2.7%, Markel Group 0.4% and 3 more
Procter & GamblePG6$231m−19% vs Q20.4%2.2%AKO Capital 2.2%, Fundsmith 0.2%, Gardner Russo & Quinn 0.1% and 3 more
StarbucksSBUX6$140m+22% vs Q20.6%2.5%Semper Augustus 2.5%, Markel Group 0.7%, Wedgewood Partners 0.4% and 3 more
Coca-ColaKO5$22bn−11% vs Q21.6%7.6%Berkshire Hathaway 7.6%, Semper Augustus 0.4%, Lindsell Train 0.0% and 2 more

Most bought in Q3 2022

Companies the most managers added to or bought new, with the approximate amount bought at quarter-end prices.

Most bought companies
Who
AlphabetGOOG9–$680mTCI Fund Management, AKO Capital, H&H International (Duan Yongping) and 6 more
Meta PlatformsMETA9–$208mDavis Selected Advisers, Ruane, Cunniff & Goldfarb (Sequoia), Harris Associates (Oakmark) and 6 more
Amazon.comAMZN6–$1.1bnDodge & Cox, Harris Associates (Oakmark), Davis Selected Advisers and 3 more
SalesforceCRM5–$411mHarris Associates (Oakmark), Polen Capital Management, First Eagle Investment Management and 2 more
VisaV5–$8.5mAKO Capital, TCI Fund Management, Giverny Capital and 2 more
MicrosoftMSFT41$488mDodge & Cox, AKO Capital, TCI Fund Management and 1 more
Intercontinental ExchangeICE4–$106mHarris Associates (Oakmark), AKO Capital, Markel Group and 1 more
Lithia MotorsLAD41$99.5mBaupost Group, Brave Warrior Advisors, Harris Associates (Oakmark) and 1 more
RHRH41$48.4mBerkshire Hathaway, First Eagle Investment Management, Davis Selected Advisers and 1 more
AdobeADBE4–$30.1mPolen Capital Management, AKO Capital, Akre Capital Management and 1 more
Bank of AmericaBAC4–$23.0mFairfax Financial Holdings, Dodge & Cox, First Eagle Investment Management and 1 more
Walt DisneyDIS4–$2.8mMarkel Group, Giverny Capital, Semper Augustus and 1 more
Occidental PetroleumOXY3–$2.2bnBerkshire Hathaway, Carl Icahn, Fairfax Financial Holdings
AppleAAPL32$1.1bnH&H International (Duan Yongping), Fundsmith, Semper Augustus
Warner Bros. DiscoveryWBD31$763mHarris Associates (Oakmark), Baupost Group, Wedgewood Partners
CoherentCOHRFirst time in their 13Fs: often a new listing or spin-off33$600mDodge & Cox, First Eagle Investment Management, Giverny Capital
Capital One FinancialCOF31$526mRuane, Cunniff & Goldfarb (Sequoia), Harris Associates (Oakmark), Dodge & Cox
HaleonHLNFirst time in their 13Fs: often a new listing or spin-off33$450mDodge & Cox, First Eagle Investment Management, Tweedy, Browne
KKR & Co.KKR3–$372mHarris Associates (Oakmark), Akre Capital Management, Markel Group
Fidelity National Information ServicesFIS31$327mDodge & Cox, Baupost Group, First Eagle Investment Management
Wells Fargo & CompanyWFC3–$271mHarris Associates (Oakmark), Markel Group, First Eagle Investment Management
Paramount Global0VVB3–$245mBerkshire Hathaway, Semper Augustus, Tweedy, Browne
Micron TechnologyMU31$167mFairfax Financial Holdings, Baupost Group, Harris Associates (Oakmark)
Willis Towers WatsonWTW3–$135mBaupost Group, Harris Associates (Oakmark), First Eagle Investment Management
Charles SchwabSCHW3–$109mDodge & Cox, Giverny Capital, Markel Group
CelaneseCE3–$76.0mBerkshire Hathaway, Dodge & Cox, Markel Group
Analog DevicesADI3–$16.6mFirst Eagle Investment Management, Markel Group, Giverny Capital
Truist FinancialTFC3–$13.2mDodge & Cox, First Eagle Investment Management, Gardner Russo & Quinn
NikeNKE3–$11.6mPolen Capital Management, Fundsmith, Semper Augustus
BrookfieldBN31$9.9mDalal Street (Mohnish Pabrai), Akre Capital Management, Greenlea Lane Capital

Most sold in Q3 2022

Companies the most managers trimmed or sold out of, with the approximate amount sold.

Most sold companies
Who
AlphabetGOOG10–$531mBaupost Group, Harris Associates (Oakmark), Davis Selected Advisers and 7 more
Berkshire HathawayBRK.B7–$206mH&H International (Duan Yongping), Davis Selected Advisers, Harris Associates (Oakmark) and 4 more
UnitedHealth GroupUNH7–$179mDodge & Cox, Polen Capital Management, Ruane, Cunniff & Goldfarb (Sequoia) and 4 more
BNYBK6–$486mBerkshire Hathaway, Dodge & Cox, Harris Associates (Oakmark) and 3 more
VisaV6–$485mPolen Capital Management, Harris Associates (Oakmark), Gardner Russo & Quinn and 3 more
Alibaba Group HoldingBABA62$342mGardner Russo & Quinn, Davis Selected Advisers, Appaloosa and 3 more
MicrosoftMSFT6–$247mFundsmith, First Eagle Investment Management, Appaloosa and 3 more
American ExpressAXP6–$223mHarris Associates (Oakmark), Dodge & Cox, First Eagle Investment Management and 3 more
JPMorgan ChaseJPM5–$40.3mGiverny Capital, Davis Selected Advisers, Gardner Russo & Quinn and 2 more
Walt DisneyDIS51$10.1mAppaloosa, Lindsell Train, Harris Associates (Oakmark) and 2 more
US BancorpUSB4–$1.9bnBerkshire Hathaway, Davis Selected Advisers, Tweedy, Browne and 1 more
Paypal HoldingsPYPL4–$302mFundsmith, Polen Capital Management, Dodge & Cox and 1 more
DiageoDEO41$297mAKO Capital, Tweedy, Browne, Harris Associates (Oakmark) and 1 more
ComcastCMCSA4–$239mDodge & Cox, Harris Associates (Oakmark), Gardner Russo & Quinn and 1 more
EbayEBAY41$109mAKO Capital, Harris Associates (Oakmark), Lindsell Train and 1 more
Charles SchwabSCHW4–$106mHarris Associates (Oakmark), Ruane, Cunniff & Goldfarb (Sequoia), Davis Selected Advisers and 1 more
Wells Fargo & CompanyWFC4–$91.8mDodge & Cox, Davis Selected Advisers, Tweedy, Browne and 1 more
PepsicoPEP4–$20.2mLindsell Train, Dodge & Cox, First Eagle Investment Management and 1 more
GSKGSK3–$685mDodge & Cox, Tweedy, Browne, First Eagle Investment Management
Ii-Vi33$575mDodge & Cox, Giverny Capital, First Eagle Investment Management
MastercardMA3–$560mPolen Capital Management, Harris Associates (Oakmark), Gardner Russo & Quinn
IntelINTC31$511mBaupost Group, Davis Selected Advisers, Tweedy, Browne
Ishares Core S&P Small-Cap EIWF31$324mDodge & Cox, Polen Capital Management, Davis Selected Advisers
Bank of AmericaBAC3–$243mHarris Associates (Oakmark), Tweedy, Browne, Davis Selected Advisers
FiservFISV3–$209mHarris Associates (Oakmark), Dodge & Cox, Southeastern Asset Management
NetflixNFLX31$190mRuane, Cunniff & Goldfarb (Sequoia), Harris Associates (Oakmark), Appaloosa
Liberty GlobalLBTYA3–$174mHarris Associates (Oakmark), Dodge & Cox, Baupost Group
Taiwan Semiconductor ManufacturingTSM3–$168mRuane, Cunniff & Goldfarb (Sequoia), First Eagle Investment Management, Wedgewood Partners
Union PacificUNP3–$147mFirst Eagle Investment Management, Dodge & Cox, Tweedy, Browne
Elevance HealthELV3–$105mFirst Eagle Investment Management, Ruane, Cunniff & Goldfarb (Sequoia), Brave Warrior Advisors

Biggest single bets

The largest positions as a share of a manager’s whole 13F portfolio.

From each manager’s 13F for the quarter. Amounts bought and sold are estimates at quarter-end prices; a new listing or spin-off can show as a purchase.